The DOI matches its Crossref record; 68 of the 71 references it cites were found in a registry or an index, and 3 are not checked yet.
Why Do Firms Use Private Equity to Opt Out of Public Markets?
Abstract
We investigate how firms weigh the costs and benefits of being public in the decision to opt out of the public market and go private. We draw on previous studies of going private and on the subsequent well-developed theoretical literature on why firms go public to develop our hypotheses. We employ a comprehensive sample of going-private transactions from 1980 to 2004 in the United States and examine how these firms differ over their public life (from IPO to going private) relative to a sample of firms that went and remained public. Our results provide strong support for the importance of information and liquidity considerations in being a public firm. These factors are evident at the IPO, on average thirteen years before the going-private decision. Access to capital and control considerations become increasingly important in the choice of going private over the public life of the firm.
Overview
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
Citations
Cites
Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers
Jensen, M. C. (1986) · Cited by 17,275
Illiquidity and stock returns: cross-section and time-series effects
Yakov Amihud, A. (2002) · Journal of Financial Markets · doi:10.1016/s1386-4181(01)00024-6 · Cited by 9,645
Investor Sentiment and the Cross‐Section of Stock Returns
BAKER, M., & WURGLER, J. (2006) · The Journal of Finance · doi:10.1111/j.1540-6261.2006.00885.x · Cited by 6,049
CORPORATE INCOME TAXES AND THE COST OF CAPITAL: A CORRECTION
Modigliani, F., & Merton, H. M. (1963) · Cited by 5,902
INFORMATIONAL ASYMMETRIES, FINANCIAL STRUCTURE, AND FINANCIAL INTERMEDIATION
Brealey, R. A., Leland, H. E., & Pyle, D. H. (1977) · The Journal of Finance · doi:10.1111/j.1540-6261.1977.tb03277.x · Cited by 5,868
A Simple Model of Capital Market Equilibrium with Incomplete Information
MERTON, R. C. (1987) · The Journal of Finance · doi:10.1111/j.1540-6261.1987.tb04565.x · Cited by 5,811
Informational Asymmetries, Financial Structure, and Financial Intermediation
Leland, H. E., & Pyle, D. H. (1977) · The Journal of Finance · doi:10.2307/2326770 · Cited by 3,900
Whited, T. M., & Wu, G. (2006) · Review of Financial Studies · doi:10.1093/rfs/hhj012 · Cited by 3,643
Forecasting Bankruptcy More Accurately: A Simple Hazard Model
Shumway, T. (2001) · The Journal of Business · doi:10.1086/209665 · Cited by 2,674
Stock market driven acquisitions
Shleifer, A., & Vishny, R. W. (2003) · Journal of Financial Economics · doi:10.1016/s0304-405x(03)00211-3 · Cited by 2,094
Research works printed but not linked: 8
- Borden A. Yunis J. Going Private. New York, NY: Law Journal Press; 2007.
- DeAngelo, H., L. DeAngelo, and E. Rice. 1984a. Going Private: The Effects of a Change in Corporate Ownership Structure. Midland Corporate Finance Journal (Summer):35–43.
- 10.2307/2328773 · DOI
- Koenig, 2004, Survey: A Brief Roadmap to Going Private, Columbia Business Law Review, 2004, 505
- 10.2307/2328782 · DOI
- 10.1093/rfs/7.2.253 · DOI
- 10.2307/2328321 · DOI
- 10.2307/2328871 · DOI
Cited by
Sorted by citations
Determinants of corporate cash policy: Insights from private firms
Gao, H., Harford, J., & Li, K. (2013) · Journal of Financial Economics · doi:10.1016/j.jfineco.2013.04.008 · Cited by 608
Do Buyouts (Still) Create Value?
Guo, S., Hotchkiss, E., & SONG, W. (2011) · The Journal of Finance · doi:10.1111/j.1540-6261.2010.01640.x · Cited by 493
Doidge, C., Karolyi, G. A., & Stulz, R. M. (2015) · Journal of Financial Economics · doi:10.1016/j.jfineco.2016.12.002 · Cited by 385
Determinants of Corporate Cash Policy: Insights from Private FirmsPreprint
Gao, H., Harford, J., & Li, K. (2012) · SSRN Electronic Journal · doi:10.2139/ssrn.2023999 · Cited by 357
Innovation Strategy of Private Firms
Gao, H., Hsu, P., & Li, K. (2017) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109017001119 · Cited by 258
Venture Capital and Other Private Equity: A Survey
Metrick, A., & Yasuda, A. (2010) · European Financial Management · doi:10.1111/j.1468-036x.2011.00606.x · Cited by 222
Learning from History: Volatility and Financial Crises
Danı́elsson, J., Valenzuela, M., & Zer, I. (2018) · Review of Financial Studies · doi:10.1093/rfs/hhy049 · Cited by 208
Media Coverage and the Cost of Debt
Gao, H., Wang, J. L., Wang, Y., Wu, C., & Dong, X. (2019) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109019000024 · Cited by 194
Stock market listing and the use of trade credit: Evidence from public and private firms
Abdulla, Y., Dang, V. A., & Khurshed, A. (2017) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2017.08.004 · Cited by 126
Capital Allocation by Public and Private Firms
Mortal, S. C., & Reisel, N. (2013) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109013000057 · Cited by 112
Lemons or Cherries? Growth Opportunities and Market Temptations in Going Public and Private
Aslan, H., & Kumar, P. (2010) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109010000761 · Cited by 111
Why do companies delist voluntarily from the stock market?
Kashefi Pour, E., & Lasfer, M. (2013) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2013.08.022 · Cited by 109
Corporate Twitter use and cost of equity capital
Guindy, M. A. (2021) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2021.101926 · Cited by 102
Managerial Incentives and Value Creation: Evidence from Private Equity
Leslie, P., & Oyer, P. (2008) · National Bureau of Economic Research · doi:10.3386/w14331 · Cited by 93
Informed Bond Trading, Corporate Yield Spreads, and Corporate Default Prediction
Han, S., & Zhou, X. (2013) · Management Science · doi:10.1287/mnsc.2013.1768 · Cited by 83
REASONS FOR DELISTING AND CONSEQUENCES: A LITERATURE REVIEW AND RESEARCH AGENDA
Martínez, I., Serve, S., & Djama, C. (2016) · Journal of Economic Surveys · doi:10.1111/joes.12170 · Cited by 80
Inorganic Growth Strategies in Private Equity: Empirical Evidence on Add-On Acquisitions
Hammer, B., Knauer, A., Pflücke, M., & Schwetzler, B. (2013) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2017.04.006 · Cited by 75
The Share Repurchase Announcement Puzzle: Theory and Evidence
Bhattacharya, U., & Jacobsen, S. E. (2015) · European Finance Review · doi:10.1093/rof/rfv020 · Cited by 74
Suppliers' listing status and trade credit provision
Abdulla, Y., Dang, V. A., & Khurshed, A. (2019) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2019.101535 · Cited by 72
Sheen, A. (2016) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109019000541 · Cited by 63
Why Does an IPO Affect Rival Firms?
Spiegel, M. I., & TOOKES, H. E. (2019) · Review of Financial Studies · doi:10.1093/rfs/hhz081 · Cited by 59
Public-to-Private Buyouts and Innovation
Cumming, D. J., Peter, R., & Tarsalewska, M. (2018) · British Journal of Management · doi:10.1111/1467-8551.12404 · Cited by 57
The delisting decision: The case of buyout offer with squeeze-out (BOSO)
Martínez, I., & Serve, S. (2011) · International Review of Law and Economics · doi:10.1016/j.irle.2011.07.001 · Cited by 55
Delistings, Controlling Shareholders and Firm Performance in Europe
Croci, E., & Giudice, A. D. (2012) · European Financial Management · doi:10.1111/j.1468-036x.2011.00640.x · Cited by 51
Regulatory costs of being public: Evidence from bunching estimation
Ewens, M., Xiao, K., & Xu, T. (2024) · Journal of Financial Economics · doi:10.1016/j.jfineco.2023.103775 · Cited by 50
Do Buyouts (Still) Create Value?
Guo, S., Hotchkiss, E., & Song, W. (2008) · National Bureau of Economic Research · doi:10.3386/w14187 · Cited by 50
Croci, E., & Petmezas, D. (2009) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2009.09.003 · Cited by 49
Learning from History: Volatility and Financial Crises
Zer, I., Danı́elsson, J., & Valenzuela, M. (2016) · Finance and Economics Discussion Series · doi:10.17016/feds.2016.093 · Cited by 45
Buyout Activity: The Impact of Aggregate Discount Rates
Haddad, V., Loualiche, E., & Plosser, M. C. (2016) · The Journal of Finance · doi:10.1111/jofi.12464 · Cited by 45
Multiple lead underwriter IPOs and firm visibility
Jeon, J. Q., Lee, C., Nasser, T., & Via, M. T. (2015) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2015.04.007 · Cited by 42
Eckbo, B. E., & Thorburn, K. S. (2013) · Foundations and Trends® in Finance · doi:10.1561/0500000028 · Cited by 42
Delistings and the costs of governance: a study of European stock exchanges 1996–2004
Thomsen, S., & Vinten, F. (2014) · Journal of Management & Governance · doi:10.1007/s10997-013-9256-7 · Cited by 40
Mortal, S. C., Nanda, V. K., & Reisel, N. (2019) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2019.105722 · Cited by 40
Do Going-Private Transactions Affect Plant Efficiency and Investment?
Bharath, S. T., Dittmar, A. K., & Sivadasan, J. (2014) · Review of Financial Studies · doi:10.1093/rfs/hhu027 · Cited by 37
Self-citationCan Investors Anticipate Post-IPO Mergers and Acquisitions?
Anderson, C. W., Huang, J., & Torna, G. (2017) · Journal of Corporate Finance · doi:10.2139/ssrn.2922046 · Cited by 37
Helwege, J., & Packer, F. (2008) · Journal of Financial Intermediation · doi:10.1016/j.jfi.2008.12.001 · Cited by 37
Leveraged Buyouts of Private CompaniesPreprint
Chung, J. (2011) · SSRN Electronic Journal · doi:10.2139/ssrn.1904342 · Cited by 37
Taxes, governance, and debt maturity structure: International evidence
Pour, E. K., & Lasfer, M. (2018) · Journal of International Financial Markets Institutions and Money · doi:10.1016/j.intfin.2018.09.011 · Cited by 36
Lockup Agreements and Survival of UK IPOs
Ahmad, W., & Jelic, R. (2014) · Journal of Business Finance & Accounting · doi:10.1111/jbfa.12068 · Cited by 35
Do Public Equity Markets Matter in Emerging Economies? Evidence from India
Gopalan, R., & Gormley, T. A. (2012) · European Finance Review · doi:10.1093/rof/rfs036 · Cited by 33
Free Cash Flow Disclosure in Earnings Announcements
Adame, K., Koski, J. L., Lem, K. W., & McVay, S. E. (2018) · Journal of Financial Reporting · doi:10.2139/ssrn.3134922 · Cited by 31
Corporate Governance and Firm Survival
Goktan, M. S., Kieschnick, R. L., & Moussawi, R. (2017) · Financial Review · doi:10.1111/fire.12161 · Cited by 31
Delisted versus voluntary delisted versus remain listed: an ordered analysis
Balios, D., Eriotis, N., Missiakoulis, S., & Vasiliou, D. (2014) · Applied Economics Letters · doi:10.1080/13504851.2014.927559 · Cited by 30
The U.S. Listing GapPreprint
Doidge, C., Karolyi, G. A., & Stulz, R. M. (2015) · SSRN Electronic Journal · doi:10.2139/ssrn.2605000 · Cited by 29
Stern, I., Deng, X., Chen, G., & Gao, H. (2021) · Strategic Management Journal · doi:10.1002/smj.3324 · Cited by 27
Creating visibility: voluntary disclosure by private firms pursuing an initial public offering
Dambra, M., Schonberger, B., & Wasley, C. E. (2018) · Review of Accounting Studies · doi:10.1007/s11142-023-09763-y · Cited by 27
Private Equity: Antecedents, Outcomes, Mediators, and Moderators
McGrath, P. J., & Nerkar, A. A. (2022) · Journal of Management · doi:10.1177/01492063221127907 · Cited by 26
Are VC-backed IPOs delayed trade sales?
Gill, A., & Uwe Walz, B. (2016) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2016.01.007 · Cited by 26
IPOs, growth, and the impact of relaxing listing requirements
Takahashi, H., & Yamada, K. (2015) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2015.04.029 · Cited by 26
Understanding Private Equity Funds: A Guide to Private Equity Research in Accounting
Borysoff, M. N., Mason, P., & Utke, S. (2022) · Journal of Financial Reporting · doi:10.2308/jfr-2022-012 · Cited by 26
Why Newly Listed Firms Become Acquisition Targets
De, S., & Jindra, J. (2012) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2012.06.006 · Cited by 25
What is the effect of an additional dollar of IPO proceeds?
Dambra, M., Gustafson, M., & Pisciotta, K. (2020) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2020.101795 · Cited by 24
The exit choices of European private firms: A dynamic empirical analysis
Chemmanur, T. J., Signori, A., & Silvio Vismara, A. (2014) · Journal of Financial Markets · doi:10.1016/j.finmar.2023.100821 · Cited by 24
Pre-Going Private Ownership Around the World
Cumming, D. J., Peter, R., Sannajust, A., & Tarsalewska, M. (2016) · British Journal of Management · doi:10.1111/1467-8551.12281 · Cited by 24
Local and Global Sentiment Effects, and the Role of Legal, Information and Trading EnvironmentsPreprint
Chang, Y. Y., Faff, R. W., & Hwang, C.-Y. (2012) · SSRN Electronic Journal · doi:10.2139/ssrn.1800550 · Cited by 24
State dependence in access to credit
Pigini, C., Presbitero, A., & Zazzaro, A. (2016) · Journal of Financial Stability · doi:10.1016/j.jfs.2016.08.003 · Cited by 23
IPO survival and CEOs’ decision-making power: The evidence of China
Pour, E. K. (2014) · Research in International Business and Finance · doi:10.1016/j.ribaf.2014.10.003 · Cited by 22
Excess control, agency costs and the probability of going private in France
Belkhir, M., Boubaker, S., & Rouatbi, W. (2013) · Global Finance Journal · doi:10.1016/j.gfj.2013.10.002 · Cited by 22
Stock market development and the financing role of IPOs in acquisitions
Aktas, N., Andries, K., Croci, E., & Ozdakak, A. (2016) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2018.10.015 · Cited by 22
Kartapanis, A., & Yust, C. G. (2022) · Journal of Financial and Quantitative Analysis · doi:10.1017/s0022109022001508 · Cited by 21
When Do Managers Seek Private Equity Backing in Public-to-Private Transactions?
Fidrmuc, J. P., Palandri, A., Roosenboom, P., & van Dijk, D. J. C. (2012) · European Finance Review · doi:10.1093/rof/rfs021 · Cited by 21
Do tax-based proprietary costs discourage public listing?
YOST, B. P. (2022) · Journal of Accounting and Economics · doi:10.1016/j.jacceco.2022.101553 · Cited by 20
Why are Most Firms Privately Held?Preprint
Farre-Mensa, J. (2011) · SSRN Electronic Journal · doi:10.2139/ssrn.1719204 · Cited by 19
Regulatory Costs of Being Public: Evidence from Bunching EstimationPreprint
Ewens, M., Xiao, K., & Xu, T. (2020) · SSRN Electronic Journal · doi:10.2139/ssrn.3740722 · Cited by 19
The Timing of Voluntary Delisting
Azevedo, A. F., Çolak, G., Kalak, I. E., & Tunaru, R. (2019) · Journal of Financial Economics · doi:10.1016/j.jfineco.2024.103832 · Cited by 18
Why are some Chinese firms failing in the US capital markets? A machine learning approach
Çolak, G., Fu, M., & Hasan, I. (2020) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2020.101331 · Cited by 18
Why do firms down-list or exit from securities markets?
Bessler, W., Beyenbach, J., Rapp, M. S., & Vendrasco, M. (2022) · Review of Managerial Science · doi:10.1007/s11846-022-00554-4 · Cited by 17
Sectoral Effects of Monetary Policy: The Evidence from Publicly Traded Firms
Jansen, D. W., Kishan, R. P., & Vacaflores, D. E. (2012) · Southern Economic Journal · doi:10.4284/0038-4038-2011.040 · Cited by 17
Determinants of Capital Structure in Non-Financial CompaniesPreprint
Кühnhausen, F., & Stieber, H. W. (2014) · SSRN Electronic Journal · doi:10.2139/ssrn.2410741 · Cited by 17
Bessler, W., Beyenbach, J., Rapp, M. S., & Vendrasco, M. (2018) · International Review of Financial Analysis · doi:10.1016/j.irfa.2021.101692 · Cited by 16
Pour, E. K. (2016) · Research in International Business and Finance · doi:10.1016/j.ribaf.2016.07.026 · Cited by 15
Where do we go? VC firm heterogeneity and the exit routes of newly listed high-tech firms
Useche, D., & Pommet, S. (2020) · Small Business Economics · doi:10.1007/s11187-020-00351-x · Cited by 15
Differences in Tax Avoidance According to Corporate Sustainability with a Focus on Delisted Firms
Shin, Y., & Park, J. (2022) · Sustainability · doi:10.3390/su14116648 · Cited by 15
On post-IPO stock price performance: A comparative analysis of RLBOs and IPOs
Datta, S., Gruskin, M., & Iskandar‐Datta, M. E. (2015) · Journal of Banking & Finance · doi:10.1016/j.jbankfin.2015.02.020 · Cited by 15
Why companies go public and private: The case of Türkiye
Avci, S. B. (2025) · Borsa Istanbul Review · doi:10.1016/j.bir.2025.07.003 · Cited by 14
Stock Market Listing and Corporate Policy: Evidence from Reforms to Japanese Corporate Law
Orihara, M. (2016) · Pacific-Basin Finance Journal · doi:10.1016/j.pacfin.2017.01.002 · Cited by 14
Shareholder Perks and Firm Value
Karpoff, J. M., Schonlau, R. J., & Suzuki, K. (2020) · Review of Financial Studies · doi:10.1093/rfs/hhaa141 · Cited by 14
Leveraged Buyouts: A Survey of the LiteraturePreprint
Renneboog, L. D. R., & Vansteenkiste, C. (2017) · SSRN Electronic Journal · doi:10.2139/ssrn.2932114 · Cited by 14
I.P.O. determinants of delisting risk: Lessons from the Athens Stock Exchange
Makrominas, M., & Yiannoulis, Y. (2021) · Accounting Forum · doi:10.1080/01559982.2021.1885253 · Cited by 13
Does Capital Market Myopia Affect Plant Productivity? Evidence from Going Private TransactionsPreprint
Bharath, S. T., Dittmar, A. K., & Sivadasan, J. (2011) · SSRN Electronic Journal · doi:10.2139/ssrn.1735508 · Cited by 13
Self-citationThe informational dimensions of the Amihud (2002) illiquidity measure: Evidence from the M&A market
Coën, A., & Bruslerie, H. D. L. (2019) · Finance research letters · doi:10.1016/j.frl.2019.03.015 · Cited by 12
Why do listed companies delist themselves voluntarily?
Konno, Y., & Itoh, Y. (2018) · Journal of Financial Management of Property and Construction · doi:10.1108/jfmpc-02-2017-0006 · Cited by 12
Definitions Matter: Measuring Gender Gaps in Firms' Access to Credit
Piras, C. C., Presbitero, A., & Rabellotti, R. (2013) · doi:10.18235/0006976 · Cited by 12
Investing in Security Price Informativeness: The Role of IPO UnderpricingPreprint
Brown, D. C. (2013) · SSRN Electronic Journal · doi:10.2139/ssrn.2348309 · Cited by 12
Regulatory Costs of Being Public: Evidence from Bunching Estimation
Ewens, M., Xiao, K., & Xu, T. (2021) · National Bureau of Economic Research · doi:10.3386/w29143 · Cited by 12
Regulatory Costs of Being Public: Evidence from Bunching EstimationPreprint
Ewens, M., Xiao, K., & Xu, T. (2020) · SocArXiv (OSF Preprints) · doi:10.31235/osf.io/pdv8n · Cited by 11
Intangible investments and voluntary delisting
Agyei‐Boapeah, H., Wang, Y., Tunyi, A. A., Machokoto, M., & Zhang, F. (2019) · International Journal of Accounting and Information Management · doi:10.1108/ijaim-12-2017-0146 · Cited by 10
Leveraged Buyouts: Motives and Sources of Value
Renneboog, L. D. R., & Vansteenkiste, C. (2017) · Annals of Corporate Governance · doi:10.1561/109.00000017 · Cited by 10
Por que as empresas fecham o capital no Brasil?
Saito, R., & Padilha, M. T. C. (2015) · Brazilian Review of Finance · doi:10.12660/rbfin.v13n2.2015.42154 · Cited by 10
Lifting the Veil on Reverse Leveraged Buyouts: What Happens During the Private Period?
Datta, S., Gruskin, M., & Iskandar‐Datta, M. E. (2013) · Financial Management · doi:10.1111/fima.12023 · Cited by 10
Disclosure spillover from going‐private activity
Hinson, L. A., & Piao, J. (2024) · Contemporary Accounting Research · doi:10.1111/1911-3846.12995 · Cited by 9
Determinants of corporate cash holdings in private and public companies: insights from Latin America
Moraes, M. B. D. C., Manoel, A. A. S., & Carneiro, J. (2025) · Review of Quantitative Finance and Accounting · doi:10.1007/s11156-024-01384-z · Cited by 9
Listing and financial constraints
Ueda, K., Ishide, A., & Goto, Y. (2018) · Japan and the World Economy · doi:10.1016/j.japwor.2018.05.001 · Cited by 9
Leverage dynamics over the business cycle: Evidence from Taiwan listed and unlisted firms
Huang, C., & Hsieh, Y.-S. (2021) · International Review of Economics & Finance · doi:10.1016/j.iref.2021.03.007 · Cited by 9
Kumar, S., & Shaikh, I. (2020) · Applied Economics · doi:10.1080/00036846.2020.1854666 · Cited by 8
REIT Capital Budgeting and Equity Marginal q
Ambrose, B. W., & Lee, D. W. (2009) · Real Estate Economics · doi:10.1111/j.1540-6229.2009.00249.x · Cited by 8
Corporate Governance and Delisting: Evidence from Emerging Markets
Liao, M.-Y. (. (2020) · Journal of Accounting and Finance · doi:10.33423/jaf.v20i2.2818 · Cited by 7
Multiple class shares and double voting rights: Literature review and research prospects
Bruslerie, H. D. L. (2023) · Finance Contrôle Stratégie · doi:10.4000/fcs.11185 · Cited by 7
Choix du financement externe en fonds propres des PME et ETI : private equity ou Bourse ?
Mahieux, X. (2016) · Revue d économie financière · doi:10.3917/ecofi.121.0291 · Cited by 7
THE ROLES OF INSTITUTIONAL INVESTORS IN THE FAILURE OF NEWLY PUBLIC STOCKS
Qian, H., Ramalingegowda, S., & Zhong, Z. K. (2019) · The Journal of Financial Research · doi:10.1111/jfir.12195 · Cited by 7
Metadata
- Authors
- Bharath, S. T., & Dittmar, A. K.
- Affiliations
- University of Michigan (US)
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2010-03-23
- Volume
- 23
- Issue
- 5
- Pages
- 1771-1818
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W2142756864
- Cited by
- 247
- References
- 70
- Citations by year
- 2026: 13 · 2025: 20 · 2024: 9 · 2023: 9 · 2022: 15 · 2021: 14 · 2020: 14 · 2019: 15 · 2018: 21 · 2017: 17 · 2016: 19 · 2015: 16 · 2014: 10 · 2013: 17 · 2012: 15
- FWCI
- 50.38
- Type
- journal article
- Language
- en
- Open access
- closed
- Locations
- Review of Financial Studies (publishedVersion)
- RePEc: Research Papers in Economics (submittedVersion)
- Topics
- Social Sciences › Economics, Econometrics and Finance › Finance › Corporate Finance and Governance
- Social Sciences › Economics, Econometrics and Finance › Finance › Private Equity and Venture Capital
- Social Sciences › Economics, Econometrics and Finance › Finance › Financial Markets and Investment Strategies
- Keywords
- going private, private equity, going-private transactions, initial public offerings, firm liquidity, information costs, access to capital, corporate control
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
